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UAE’s NMC Health makes two Gulf acquisitions worth $207 million

Reuters - UK Focus

ABU DHABI, Jan 22 (Reuters) - NMC Health (LSE: NMC.L - news) has made two acquisitions worth $207 million, the London-listed and United Arab Emirates-based healthcare provider said on Monday. NMC (Brussels: BE0035966762.BR - news) acquired a 70 percent stake in UAE-based CosmeSurge for $170 million and an 80 percent stake in Saudi Arabia’s Al Salam Medical Group for $37 million, the company said in a bourse filing.

The cash acquisition of CosmeSurge, which provides cosmetic surgery and aesthetic medicine, is expected to be completed during first quarter of 2018. It has an enterprise value of $250 million and is expected to report a 2017 EBITDA of $20.5 million on revenue of $67 million, the statement said.

CosmeSurge operates 17 clinics with a 10-bed hospital and two new clinics currently under construction in the UAE.

"These value accretive and earnings enhancing transactions fit well with our growth strategy,” NMC CEO Prasanth Manghat said.

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The Al Salam transaction is expected to be completed in the first half of the year, the statement said/

It said the Riyadh-based group’s assets include a 100-bed Al Salam Medical Hospital, the Al Salam Medical Centre and the Ishbilia Medical Centre. NMC also said it signed new operations & management (O&M) contracts with Emirates Healthcare Group to manage its two Egyptian hospitals with a combined capacity of 860 beds. (Reporting by Stanley Carvalho; editing by Jason Neely)